Friday, February 20, 2009

State invented poverty

There is a quote in the ET article from Muhammad Yunus, 2006 Nobel Peace Prize awardee

He said the “...poverty is an artificial creation. It doesn’t belong to human civilisation, and we can change that, we can make people come out of poverty (sic). The only thing we have to do is to redesign our institutions and policies.”   

Further it is more opt to remember from his Nobel lecture that the “Poverty is created because we built our theoretical framework on assumptions which under-estimates human capacity, by designing concepts, which are too narrow (such as concept of business, credit- worthiness, entrepreneurship, employment) or developing institutions, which remain half-done (such as financial institutions, where poor are left out). Poverty is caused by the failure at the conceptual level, rather than any lack of capability on the part of people”.

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